§ 5-1-17-18 — Bond issues

Indiana § 5-1-17-18

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 17: Indiana Stadium and Convention Building Authority

Text

(a) Subject to subsection (h), the authority
may issue bonds for the purpose of obtaining money to pay the cost of:
(1) acquiring real or personal property, including existing capital
improvements;
(2) constructing, improving, reconstructing, or renovating one (1)
or more capital improvements; or
(3) funding or refunding bonds issued under IC 36-10-8 or IC 36-10-9 or prior law.
(b) The bonds are payable from the lease rentals from the lease of
the capital improvements for which the bonds were issued, insurance
proceeds, and any other funds pledged or available.
(c) The bonds shall be authorized by a resolution of the board.
(d) The terms and form of the bonds shall either be set out in the
resolution or in a form of trust indenture approved by the resolution.
(e) The bonds shall mature within forty (40) years.
(f) The board shall sell the bonds at public or private sale upon the
terms determined by the board.
(g) All money received from any bonds issued under this chapter
shall be applied to the payment of the cost of the acquisition or
construction, or both, of capital improvements, or the cost of refunding
or refinancing outstanding bonds, for which the bonds are issued. The
cost may include:
(1) planning and development of the facility and all buildings,
facilities, structures, and improvements related to it;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the capital improvement suitable
for use and operations;
(4) architectural, engineering, consultant, and attorney's fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums (if any) for, and interest on,
the bonds being refunded or refinanced.
(h) The authority may not issue bonds under this chapter unless the
authority first finds that the following conditions are met:
(1) The capital improvement board and the authority have entered
into a written agreement concerning the terms of the financing of
the facility. This agreement must include the following
provisions:
(A) Notwithstanding any other law, if the capital improvement
board selected a construction manager and an architect for a
facility before May 15, 2005, the authority will contract with
that construction manager and architect and use plans as
developed by that construction manager and architect. In
addition, any other agreements entered into by the capital
improvement board or a political subdivision served by the
capital improvement board with respect to the design and
construction of the facility will be reviewed by a selection
committee formed under this section (as in effect on May 15,
2005). The selection committee is not bound by any prior
commitments of the capital improvement board or the political
subdivision, other than the general project design, and will
approve all contracts necessary for the design and construction
of the facility.
(B) If before May 15, 2005, the capital improvement board
acquired any land, plans, or other information necessary for the
facility and the board had budgeted for these items, the capital
improvement board will transfer the land, plans, or other
information useful to the authority for a price not to exceed the
lesser of:
(i) the actual cost to the capital improvement board; or
(ii) three million five hundred thousand dollars ($3,500,000).
(C) The capital improvement board agrees to take any legal
action that the authority considers necessary to facilitate the
financing of the facility, including entering into agreements
during the design and construction of the facility or a sublease
of a capital improvement to any state agency that is then leased
by the authority to any state agency under section 26 of this
chapter.
(D) The capital improvement board is prohibited from taking
any other action with respect to the financing of the facility
without the prior approval of the authority. The authority is not
bound by the terms of any agreement entered into by the capital
improvement board with respect to the financing of the facility
without the prior approval of the authority.
(E) As the project financier, the Indiana finance authority (or its
successor agency) and the public finance director will be
responsible for selecting all investment bankers, bond counsel,
trustees, and financial advisors.
(F) The capital improvement board agrees to deliver to the
authority the one hundred million dollars ($100,000,000) that
is owed to the capital improvement board, the consolidated city,
or Marion County, pursuant to an agreement between the
National Football League franchised professional football team
and the capital improvement board, the consolidated city, or
Marion County. This amount shall be applied to the cost of
construction for the stadium part of the facility. This amount
does not have to be delivered until a lease is entered into for the
stadium between the authority and the capital improvement
board.
(G) The authority agrees to consult with the staff of the capital
improvement board on an as needed basis during the design and
construction of the facility, and the capital improvement board
agrees to make its staff available for this purpose.
(H) The authority, Marion County, the consolidated city, the
capital improvement board and the National Football League
franchised professional football team must commit to using
their best efforts to assist and cooperate with one another to
design and construct the facility on time and on budget.
(2) The capital improvement board and the National Football
League franchised professional football team have entered into a
lease for the stadium part of the facility that has been approved by
the authority and has a term of at least thirty (30) years.

Legislative History

As added by P.L.214-2005, SEC.6. Amended by P.L.1-2006, SEC.87; P.L.252-2015, SEC.7; P.L.109-2019, SEC.1; P.L.104-2022, SEC.12; P.L.157-2024, SEC.3.